CAPITAL STOCK

12 Months Ended

Jun. 30, 2022

CAPITAL STOCK

CAPITAL STOCK

NOTE 4       CAPITAL STOCK

Capital stock authorized, issued, and outstanding as of June 30, 2022 is as follows:

	Shares
		Issued and
	Authorized	Outstanding
Prior Cumulative Preferred Stock, $5 Par Value:
6% Convertible	240,000
Series A		100,000
Series B		100,000
Cumulative Preferred Stock, $20 Par Value:
5% Convertible	150,000
Series A		58,533
Series B		9,539
Common Stock, $1 Par Value:
Reserved for Conversion of Preferred Stock - 1,030,166 shares	2,000,000	969,834

Cumulative Preferred Stock dividends in arrears at June 30, 2022 and 2021 totaled $8,717,238 and $8,589,166, respectively. Total dividends in arrears, on a per share basis, consist of the following at June 30, 2022 and 2021:

	For the Year Ended
	June 30,
	2022		2021
6% Convertible:
Series A	$	19	$	19
Series B	$	19	$	18
5% Convertible:
Series A	$	73	$	72
Series B	$	73	$	72

The 6% convertible prior cumulative preferred stock may, upon 30 days prior notice, be redeemed by the Corporation at $5.25 a share plus unpaid accrued dividends to date of redemption. In the event of voluntary liquidation, holders of this stock are entitled to receive $5.25 per share plus accrued dividends. Cumulative preferred stock may be exchanged for common stock at the option of the shareholders in the ratio of four common shares for one share of Series A and 3.75 common shares for one share of Series B.

The Company has the privilege of redemption of 5% convertible cumulative preferred stock at $21.00 a share plus unpaid accrued dividends. In the event of voluntary or involuntary liquidation, holders of this stock are entitled to receive $20.00 a share plus unpaid accrued dividends. It may be exchanged for common stock at the option of the shareholders, in the ratio of 3.795 common shares for one of preferred.